TONcoin Launches a $250 Million Ecosystem Fund

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Today’s Cryptocurrency Headline

TONcoin has announced a $250 million ecosystem fund to support projects built on TONcoin, with investors including Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, blockchain startup Orbs, TON Miners and Kilo Fund. TONcoin aims to deploy funds through incubation, investment, grants, hackathons, and educational programs. Benjamin Rameau, the managing partner of TONcoin Fund, said that they are currently incubating a DEX and NFT project. TON was launched by Telegram in 2018. After the SEC accused its ICO of involving an unregistered securities offering, Telegram finally settled with the SEC in June 2020 for $18.5 million and ceased to participate in TON’s operations. However, unlike its predecessor, TONcoin is independent from Telegram, though CEO Pavel Durov gave the project his endorsement at the end of last year.

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Ark Invest founder Cathie Wood announced on Twitter that she has sold all PayPal stakes and has great confidence in the long-term growth of the Cash App payment system using Bitcoin’s Lightning Network. BTC is down 7.73% over the last 24 hours and has fallen to an intraday low of $39,500. The U.S. Consumer Price Index report for March will be released tomorrow and will reveal inflation is rising at an extraordinarily elevated pace. This will increase the likelihood of the Federal Reserve accelerating the pace of interest-rate increases to keep inflation under control, which will lead the investors to reduce exposure to risky assets.

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